The Student News Site of North Carolina A&T State University

The A&T Register

The Student News Site of North Carolina A&T State University

The A&T Register

The Student News Site of North Carolina A&T State University

The A&T Register

Soldier training to deploy? How to manage your finances while on duty

Every month, soldiers, sailors, airmen and Marines from bases around the country are deployed overseas. For all servicemen, keeping a handle on finances can be a challenge. But fortunately, being deployed rarely happens without warning.

Soldiers train and plan fully for their deployments in the military, so they are prepared when they arrive at their destination. But there are always things that have to be done at home before they are deployed.

Any military deployment checklist should include a plan for your money and how it will be managed once you’re deployed. Here are some tips to help guide you:

* The first thing to understand is what your military pay while deployed will be. The level of pay may change based on where you’re deployed. Knowing your military pay in advance will make it easier for you and your spouse to develop a budget your family can financially survive on while you’re gone. Pay will fluctuate if you are in a hostile fire/imminent danger area, or if you receive a combat-zone tax exclusion.

* If you’re fortunate to go into your deployment debt free, it will make it simpler for your spouse and family back home to stick to the savings plan you’ve devised. Part of saving wisely is investing for the future, especially if you and your family, are saving for a new house, car or even college education.

* One easy tip to add to your pre-deployment checklist is making sure you set up online access to your bank accounts and have online bill pay so you or your spouse can access your credit card statements, mortgage or rent and utility accounts while deployed.

Preparing for unexpected expenses are important for any family, but it can be extremely difficult if one spouse is away for several months with potentially limited communication back home. By developing a plan for handling family finances during a time of deployment will allow the spouse staying home to take care of any potential major expenses like car repairs or replacing broken appliances. An easy way to get there is to set up specially-designated savings accounts at your bank to cover unexpected costs. This way, you can always be saving, no matter what happens in the future.

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